Why a reverse mortgage should be a last resort for most Canadian retirees.

Reverse mortgages can provide income for Canadian seniors who have valuable homes but limited cash. However, they are generally less favorable than other options. Reverse mortgages allow homeowners to borrow up to 55% of their home's value, but the lender must wait years to be repaid. Financial experts recommend considering other alternatives, such as investments or home equity lines of credit, before resorting to a reverse mortgage. These mortgages can reduce the capital available for an estate and may accumulate significant interest over time. It is important for retirees to carefully assess their financial situation and lifestyle before deciding on a reverse mortgage. [Extracted from the article]